The times. (Owosso, Mich.) 1882-1897, 1887-08-05
THE CONDITION OF TRADE.
4 WEEKS BUSINESS REVIEWED Hy
DUN & CO.

Pending Suits Over the baltimore q Ohio
Deal Tend 10 Disturb Wall street-Ex-
traordinary Low Price of Wheat =
Anxiety About the supply Of Money
Failures fov n Week.
New YORK, July 3.--R G.. Dun &c Go. =
weekly review Of trade says: With b,isiness
progressing we'll throughout the country,
crop prospects excellent. iron production
larger than Mt any previous period, and
money in abundant supply, Wall street is
disturbed because dream it has been ehas-
ing for months suddenly fades away. and
Mr.. Garrett announces the failure OF Mr.
Ives to buy the Baltimore az Ohio Tbs i'm
cident illustrates the weakness OF Wall
street rs a barometer For four months the
street has been discmniing the beneilci re-
suits of this expected settlement" and all
sorts OF purchases, loans, commitments,
and calculations havo been based thereon.
But for these, the retention of the Baltimore
a. Ohio by its old owners would disturb no
body. Bat now litigation, involving the
value OF many properties, directly aud in
directly, has been commenced and may over
load them with uncertainty for some time,
and meanwhile no one wants to buy share
in n lawsuit.
/ Wheat, at S39l cents for No. 2 red winter
in July is lower than it has been before in
that month for more than forty years, and
close to the lowest prizes Tor that period IN
any month. This is tho direct res,llt Of spec
ulation which drew many million bushels
from farmers hands, whore COST Of carrying
was nothing, into the hands OF dealers
who are anxious to unloa1 before new wheat
Nj nla. l. i
vators are heavier that $1,000, 900 bushels
would,be in farmers bins Still purchases.
from farmers for soma time to come are prob
able, and the consequent delay in demand for
money to use in crop moving may possibly
he helpful.
Prices generally are low. i'm spite Of many
specuations AS evidence Of The absorption
Of floating capital in fxeI forms, and its ef-
fects, it may be stated that the saInn qunnti
ties of articles, representing nine-tenths Of
the aggregate consumption Of tho country,
which could have beon bought year ago for
SlU0 wouhl now cosi only about 500 80, and
they were not Fer cent higher in January
last. So small n change ia princes after nn
expansion of SCI, 00O, 00j during the year, IL
circulation, is surprising.
The official bulletin of the Iron anil Steel
association makes the production for the half
year 3,05l 600 tons, and reports slight in
crease in stocks Of unsold iron, making tho
consumption H., 900 tons less than production
and imports
Reports from all parts of the country are
uniformly favorable as to state Of trade for
the season. and collections are reported COOL
or fair ut all points save two. The crop
prospects are also pronounced more favora-
bic, though the extent of damage done by
drought and insects can not be ex-
actly determined One feature in current re-
ports that should be noticed is that the south
actually made less iron by IA, 900 tons in tho
first half OF 1887 than i'm the last half of 1886.
notwithstanding all the expansion of facilities
widely heralded and there are signs of abate-
mont Of real estate enthusiasm at some west
ern points
Anxiety about the supply of money for the
fall revives discussion of treasury operations.
but indications are that no purchase of bonds
will be made if it can he avoided The treas
ury has taken in $4,000, 900 more than IT has
paid ont during the past week, but large dis
burSelnents are expected about Aug. l. Elk
ports improve, for three weeks having ex-
decided last years Ivy 6 per cent. against the
increase of l5o per cent. in imports. For
eign exchange tends upward however
and some sales of securities on foreign ac-
count are reported The course Of stocks has
indicated hesitation AMI weakness and the
narrow hank reserves for the season affects
with timidty most speculative market
There were in the Unitcd States during
the past seven days IN failures, and in
Canada, Is; total, ~, For the preceding
week, lIp AMI for tho same week III 1856,
Ihy